Closed-end (or closed- ended) Fund
A closed-end fund is an investment system that is similar to a mutual fund in that a manager is responsible for the portfolio. In a closed end fund, a fixed number of shares are issued and cannot be redeemed from the fund. These are different from open-end funds in that investor demand does not drive the creation of new shares. The closed end fund gains capital through an initial public offering (IPO) and is traded on the stock exchange.